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TMI Blog2020 (5) TMI 425X X X X Extracts X X X X X X X X Extracts X X X X ..... prefer an appeal to the National Company Law Appellate Tribunal, this Tribunal is of the earnest opinion that the present appeal preferred by the appellant is per se not maintainable in law because of the established fact that when once a case was admitted under the IBC, the only option available to a party as an aggrieved person is to prefer an appeal of course in accordance with law, against the order of admission already passed and not to prefer an application seeking stay of all the pending proceedings in C. A. No. 455 (PB) of 2018 filed in C. P. (I. B.) No. 160 (PB) of 2018 till its adjudication and dismiss the company petition. The instant appeal is dismissed as not maintainable but without costs. - Company Appeal (AT) (In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor was very much present and made his submis sions. Now, after this case has been admitted, the only recourse available to this applicant is to file an appeal assailing against the admission order already passed but not to file an application seeking stay under the grab of inherent power lying with this Bench. For this kind of recourse is not present under the Insolvency and Bankruptcy Code, this application is hereby dismissed as misconceived with liberty in accordance with law. 3. Learned counsel for the appellant contends before the Adjudicating Authority that the first respondent filed a petition under section 7 of the I and B Code being C. P. (I. B.) No. 160 (PB) of 2018 on January 10, 2018 and the account of corporate de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant is that the application C. P. (I. B.) No. 160 (PB) of 2018 before the Adjudicating Authority under section 7 of the I and B Code would be barred by limitation since the same was filed beyond three years from the date of non-performing asset as per decision of the hon'ble Supreme Court of India Gaurav Hargovindbhai Dave v. Asset Reconstructions Co. (India) Ltd. [2019] 8 Comp Cas-OL 250 (SC) ; [2019] 10 SCC 572 dated September 18, 2019. 7. Apart from the above, learned counsel for the appellant places reliance on the judgment of this Tribunal in Company Appeal AT (Ins.) No. 525 of 2019, dated December 11, 2019 in V. Hotels Ltd. v. Asset Reconstruction Co. (India) Ltd. [2020] 218 Comp Cas 198 (NCLAT). Moreover, learned co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y while deciding the application under section 7 or by this Appellate Tribunal, till the corporate debtor alleges the same and raise the objection under section 65 of the Code. No such plea has been taken by the corporate debtor before the Adjudicating Authority alleging fraud on the part of the financial creditor for initiation of proceedings under section 65 of the code. Therefore, this Appellate Tribunal cannot look into such question of fraud. Further, the provision of non-performing asset relates to the SAR FAESI Act, 2002 and has nothing to do with the Code. We find no merit in this appeal. The appeal is accordingly dis missed. No costs. 10. This Tribunal has given anxious consideration to the arguments advanced on the side ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings in C. A. No. 455 (PB) of 2018 filed in C. P. (I. B.) No. 160 (PB) of 2018 till its adjudication and dismiss the company petition. 13. Be it noted, that silence /laches at a given point of time may given room for a plea of estoppel in the considered opinion of this Tribunal. This apart when an order of admission was passed in the subject matter in issue, and later when the appellant when on earlier occasion filed Company Appeal (AT) (Ins.) No. 410 of 2018 and the same was dismissed on October 30, 2018, then he is stopped by its own conduct as a principle of equity , justice and good conscience to embark upon another round of litigation seeking stay of all the pending proceedings in C. A. No. 455 (PB) of 2018 in C. P. (I. B.) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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